https://www.taxtmi.com/forum/issue?id=106499 A statutory notice under section 142(1) issued because bank deposits exceed income declared under the presumptive tax regime; the assessing officer demands purchase and sales bills and other documents or will treat the excess as unexplained investment. The record advises either proving that some deposits pertain to an earlier year, producing the requested evidence, or filing a revised computation/return and paying admitted tax to mitigate complications. en-us Thu, 06 Feb 2014 18:15:02 +0530 Thu, 23 Jan 2025 15:57:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=106499 A statutory notice under section 142(1) issued because bank deposits exceed income declared under the presumptive tax regime; the assessing officer demands purchase and sales bills and other documents or will treat the excess as unexplained investment. The record advises either proving that some deposits pertain to an earlier year, producing the requested evidence, or filing a revised computation/return and paying admitted tax to mitigate complications. Discussion-Forum Income Tax Thu, 06 Feb 2014 18:15:02 +0530 https://www.taxtmi.com/forum/issue?id=106499